Need To Know Legal Issues

Get injury lawyer help now for many of the following injury issues.

Injury lawyers that are experienced in representing catastrophic injuries include things such as brain injuries, spinal cord injuries, eye injuries, neurological disorders, severe burns, accidental amputation, and multiple fractures. Victims of catastrophic injuries may suffer from a loss of movement or sensation. They may lose their ability to communicate or have impaired cognitive abilities.

The catastrophic injury may adversely impact the victim's respiration or circulation. Other body systems such as the gastrointestinal system and the urinary system may also be negatively affected by these injuries.

Managing catastrophic injuries can be complicated and require the assistance of a multitude of healthcare professionals. Victims may require the services of healthcare professionals such as physicians, nurses, counselors, and therapists. The long-term costs of services such as these can be astronomical, and most victims are not financially prepared to meet these expenses. A catastrophic injuries attorney can help victims ensure they receive the monetary damages they deserve.

The Blackstone Group LP has agreed to a $10 million settlement in a lawsuit filed over complicated bankruptcy law issues that arose following the sale of the Extended Stay hotels chain by Blackstone.

The Blackstone Group LP is a large private equity, asset management and investment banking company which bought Extended Stay America in May 2004. They paid around $2 billion in cash and took on another $1 billion as debt.
They sold the 680 hotels in the Extended Stay hotel chain for $8 billion in 2007 to the Lightstone Group, whose principal was an investor named David Lichtenstein.

Lichtenstein bought the chain with the help of a coalition of financial institutions that provided loans against the real estate assets of Extended Stay Inc. Facing too much debt, a real estate crash and a recession, Extended Stay filed for bankruptcy two years later in June 2009 in the U.S. Bankruptcy Court for the Southern District of New York.

It was then that the creditors found that the value of the assets and the $8 billion price tag for the company were both grossly inflated. The actual price of the assets was underlined by the fact that an investment group which included Blackstone brought Extended Stay out of bankruptcy in Oct 2010 for $3.9 billion – less than half the price it was sold for four years before.

Five lawsuits were filed in 2011 by a trustee seeking a total of $8.4 billion on behalf of five of Extended Stay’s creditors. In the lawsuits, Blackstone was charged with overvaluing the deal and taking $2.1 billion off the top. Plaintiffs asked the court to grant another $6.3 billion in punitive damages, citing a malicious breach of duty by Blackstone and its advisors towards Extended Stay creditors.

Blackstone has now agreed to pay $10 million to settle these charges. As part of the settlement, Citi and Bank of America, who advised Blackstone on the deal, have also been cleared of their liability.

Did you know?Bankruptcy law can be used to avoid paying legal settlements and jury awards.
Individuals and businesses that have been ordered by a court to pay a legal settlement or jury award can eliminate or delay this debt by filing for bankruptcy protection.

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